USD/CAD rallies and refreshes two-year highs, despite hot inflation in Canada, ahead of FOMC’s decision – by christianborjon USDCAD Majors Fed Canada Inflation
The USD/CAD is climbing sharply after hitting a daily low at around 1.3226, also spurred by the advancement of US T-bond yields, led by the 10-year benchmark note sitting at 3.563%, on expectations that the Federal Reserve would raise rates by at least 75 bps. At the time of writing, the USD/CAD is trading at 1.3365, above its opening price by 0.83%.
The so-called core CPI, which excludes volatile items, eased slightly from 5.4% YoY in July to 5.2% in August. Sources cited by Reuters said, “today’s numbers reinforce our view that the Bank of Canada might only have one 50-bp rate hike left, whereas the Fed could very well continue raising rates for longer and to higher levels.”
Elsewhere, the US economic docket featured August’s Housing Starts and Building Permits. The former unexpectedly rose above forecasts while the latter flashed signs of higher mortgage rates, decelerating to its slowest pace in two years. Meanwhile, the US Dollar Index, a gauge of the greenback’s value against six peers, is rising 0.57%, up at 110.215, while the US 10-year bond yield edges up eight bps, at 3.571%, a tailwind for the USD/CAD.An absent Canadian docket would leave USD/CAD traders leaning on the buck’s dynamics. On the US economic calendar, US Existing Home Sales, the Fed’s decision, and Jerome Powell’s press conference would shed some light regarding the path of the US central bank.
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